Aug. 8, San Francisco – Today, state financial regulators and fintech firms met for a single purpose: to continue charting a path forward in the regulation of non-bank financial services. Only through direct dialogue will concrete ideas emerge that allow state regulators to make the regulatory experience more efficient while protecting the financial system.

“Attending today’s session were commissioners representing nine states (California, Idaho, Illinois, Hawaii, Montana, Oregon, Utah, Washington State, Wyoming). We have a common experience in seeing how financial technology has begun to reshape the banking industry. State regulators need to understand the business innovations taking place, encourage the positive aspects of these changes, and sustain consumer protection.

“Our commitment to modernizing state regulation goes well beyond today’s session. At a national level, state regulators have committed to moving towards an integrated, 50-state licensing and supervisory system. Our efforts are being coordinated through the Conference of State Bank Supervisors and delivered through CSBS Vision 2020. Here, we are leveraging technology ourselves to transform the licensing and examination processes, seeking industry input through a fintech advisory panel, and having working groups of state regulators develop approaches to harmonize multi-state supervision.